Credit Knowledge Quiz

Credit scores are taking an even more important role in qualifying for a mortgage today, which makes it vital to maintain a good credit history. See how much you know about credit scores with our Credit Knowledge Quiz and what you need to focus on to better your score.

  1. Question 01

    A credit score is:

    • a. A three-digit number summarizing the state of your credit
    • b. An alphabetical score grading your creditworthiness
    • c. A numerical score reporting how much money you owe
  2. Question 02

    What is the number-one contributing factor to a good credit score?

    • a. Length of credit history
    • b. Amounts you owe
    • c. Payment history
  3. Question 03

    Does each consumer have just ONE generic credit score?

    • a. Yes
    • b. No
    • c. Don't Know
  4. Question 04

    Your credit score affects?

    • a. Whether you can get a loan
    • b. Your interest rate
    • c. Both A and B
  5. Question 05

    Who collects the information on which credit scores are most frequently based?

    • a. FICO and VantageScore
    • b. Three main credit bureaus – Experian, Equifax, and TransUnion
    • c. Individual lenders
    • d. Federal government
  6. Question 06

    Lenders look at credit scores when deciding whether to extend which type of credit?

    • a. Credit cards
    • b. Mortgages
    • c. Loans
    • d. All of the above
  7. Question 07

    How important is it to check the accuracy of your credit reports at the three main credit bureaus?

    • a. Very Important
    • b. Somewhat Important
    • c. Not Very Important
    • d. No Big Deal
  8. Question 08

    Which of the following actions helps a consumer raise a low score or maintain a high one?

    • a. Make all loan payments on time
    • b. Avoid opening several credit card accounts at the same time
    • c. Use a credit card keeping the balance under 25% of the credit limit
    • d. All of the above
  9. Question 09

    After paying off a high-interest credit card, you should:

    • a. Continue using it occasionally
    • b. Close the account
    • c. Use the full amount of available credit every month
  10. Question 10

    Which of the following does a credit score MAINLY indicate?

    • a. Knowledge of consumer credit
    • b. Amount of consumer debt
    • c. Risk of not repaying a loan
    • d. Financial resources to pay back loans
  11. Question 11

    How long can negative items on your credit history impact your score?

    • a. 1 year
    • b. 3 years
    • c. 5 years
    • d. 7 years
  12. Question 12

    Are missed payments a factor used to calculate a credit score?

    • a. Yes
    • b. No
    • c. Maybe
  13. Question 13

    Which of the following is NOT considered when calculating your FICO score?

    • a. Your payment history
    • b. The types of credit you are using
    • c. The amount of debt you owe
    • d. Your income
  14. Question 14

    Applying for credit cards in order to just receive a free sign-up gift (t-shirt, mugs, etc.) has no impact on my credit profile?

    • a. True
    • b. False
  15. Question 15

    Is marital status a factor used to calculate a credit score?

    • a. Yes
    • b. No
    • c. Maybe
  16. Question 16

    Does a cell phone company use a credit score to decide whether a person can buy a service and/or what price they'll pay?

    • a. Yes
    • b. No
    • c. Maybe
  17. Question 17

    Does a mortgage lender use a credit score to decide whether a person can get credit and what interest rate they'll pay?

    • a. Yes
    • b. No
    • c. Maybe
  18. Question 18

    Does a landlord use a credit score to decide whether a person can rent a property and/or what price they'll pay?

    • a. Yes
    • b. No
    • c. Maybe
  19. Question 19

    Does an electric utility use a credit score when establishing service for a consumer?

    • a. Yes
    • b. No
    • c. Maybe
  20. Question 20

    Your credit card company just increased the spending limit on your card. Will this help or hurt your credit score?

    • a. Help
    • b. Hurt
  21. Question 21

    In regards to a married couple purchasing a home, the mortgage lender uses which credit score when more than one borrower is applying together?

    • a. The highest score between both people
    • b. The lowest middle score between both people
    • c. The average of all scores
    • d. The median score between both people